Bluestone Jewellery & Lifestyle IPO

About BlueStone Jewellery and Lifestyle IPO

The offer consists of a fresh issue and an offer for sale component. The fresh issue will include up to 1,58,60,735 equity shares of face value of ₹1 each aggregating up to ₹820 crores. The offer for sale portion includes up to 1,39,39,063 equity shares of face value of ₹1 each aggregating up to ₹720.65 crores. The total number of shares and aggregate amount are 1,58,60,735 shares and ₹1540 cr respectively.

BlueStone Jewellery and Lifestyle Limited is a digital-first, direct-to-consumer (DTC) jewellery brand offering contemporary diamond, gold, platinum, and studded jewellery. They are an omni-channel jewellery brand and retail their products through their website. And their mobile application available on iOS and Google Play Store, in addition to their pan-India network of stores. The BlueStone brand was launched in 2011 and as of March 31, 2025, they operated 275 stores in 117 cities, including franchise stores, across 26 states and union territories in India. They focus on designing jewellery for women, men and couples between the ages of 25 to 45 years who have a tendency to discover brands through social media or online channels. They generate revenues from the sale of their jewellery products.

Objectives of BlueStone Jewellery and Lifestyle IPO

• Funding their working capital requirements.
• General corporate purposes.

Industry Outlook

The growth of the global jewellery market in the next 5 years will be driven by the rapid integration of technology worldwide, international retail chains and growing globalisation. Globally, jewellery is recognised not only as a symbol of status and affluent living but also as an enhancer of personal appearance and distinct features, making it a highly coveted aspirational item. Diamonds and gold dominate the global jewellery market, accounting for 70-80% of the market opportunity. Gemstones, including sapphire, emerald, and ruby-studded jewellery, hold approximately 10% share, while platinum comprises a 5%-7% share.

The top 3 jewellery markets in the world are China, India, and the US. China leads the world in the jewellery market, with a size of approximately ₹10,40,000 crores (approximately USD 12,200 crores), followed by the Indian jewellery market sized at approximately ₹6,34,000 crores (approximately USD 7,500 crores) and the US market sized at approximately ₹6,100 billion (approximately USD 7200 crores) as of 2024. Driven by rising disposable incomes worldwide, rising demand for personalised and customised jewellery, and the growing popularity of online channels, the global jewellery market is poised for further growth. The growing penetration of e-commerce will also lead to the growth of new-age digital-first brands, which will play a vital role in expanding volumetric sales of jewellery worldwide.

Company Information

BlueStone Jewellery and Lifestyle Limited offer contemporary lifestyle diamond, gold, platinum and studded jewellery under their flagship brand, BlueStone. They are a digital-first direct-to-consumer ("DTC") brand focussed on ensuring a seamless omni-channel experience for customers and are the second largest digital-first omni-channel jewellery brand in India, in terms of revenues in fiscal 2024. They retail their products through their website and their mobile application available on iOS and Google Play Store, in addition to their pan-India network of stores. They are among the few leading jewellery retailers with a pan-India presence with 275 stores across 117 cities in 26 states and union territories in India, as of March 31, 2025, servicing over 12,600 PIN codes across India.

The BlueStone brand was launched in 2011 and has over the years grown to become a leading brand among leading jewellery retailers. As a design-led brand, they offer a variety of designs across various price points tailored to various occasions and customer preferences. They focus on designing jewellery for women, men and couples between the ages of 25 to 45 years who value unique designs, modern styles and have a tendency to discover brands through social media or online channels.

Their wide range of product offerings includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and chains catering to diverse customer segments and are retailed at varied price points. As of March 31, 2025, they had 91 collections (defined as a set of jewellery designs created with a specific theme) of jewellery products.

Strengths of BlueStone Jewellery and Lifestyle IPO

• Second largest digital-first jewellery brand in India offering an omni-channel retail experience.
• In-house technology architecture driving end-to-end business operations.
• Differentiated approach to product and design.
• Advanced manufacturing capabilities with vertically integrated operations.
• Pan-India presence across Tier-I, Tier-II and Tier-III cities with healthy unit economics.

Risks of BlueStone Jewellery and Lifestyle IPO

• Non-generation of profits since inception. They have experienced a loss of ₹2,21.837 crores, ₹ 1,42.236 crores and ₹1,67.244 crores in Fiscal 2025, 2024 and 2023, respectively and had negative total equity of ₹ 71.826 crores in Fiscal 2023.
• Dependence on third-party transportation providers for the delivery of raw materials and their products.
• Payment-related risks, including risks associated with cash on delivery and payment processing risks.
• Inability to provide an efficient omni-channel experience to their customers and facilitate their transition away from an offline-only experience.
• Increase in material costs without a corresponding increase in their product prices.
• Non-availability or fluctuation in prices of raw materials.
• Dependence on third parties to certify their jewellery products. Fraudulent or invalid certification or negative publicity surrounding such third parties.
• Any adverse incidents relating to the use of such hazardous materials and chemicals during manufacturing processes.
• Volatility in the market price of gold and diamonds.
• Any interruptions or delays in service on their mobile applications or websites or any undetected errors or design faults.
• Growing prevalence and popularity of lab-grown diamonds.

• Financial information of our Company has been derived from the Restated Financial Information as of or for the financial year ended March 31, 2025.

**Source for listed peers information included above: All the financial information for listed industry peer is on a consolidated basis and is sourced from the financial information of such listed industry peer available on the website of the stock exchanges, as of and for year ended March 31, 2025.2.P/E Ratio for the listed industry peer has been computed based on the closing market price of equity shares, on BSE for Indian peers, as of August 1, 2025 divided by the diluted EPS for the year ended March 31, 2025.3.Return on Net worth attributable to the owners of the company (%) = Profit After Tax for the year ended March 31, 2025/ Net worth as on March 31, 2025. Return on Net worth attributable to the owners of the company is a non-GAAP measure.4.Net Asset Value per Equity Share represents Net worth as at the end of the year divided by number of Equity Shares outstanding at the end of the year/period.5.EBITDA = Profit/(loss)before tax + finance cost + depreciation -other income.6.Net Worth = Equity Share Capital plus Other Equity, excluding non-controlling interest.

Anchor Investor Bidding Date 08 August 2025

Registrar: KFin Technologies Limited Book Running Lead Managers:

• Axis Capital Limited
• IIFL Capital Services Limited
• Kotak Mahindra Capital Company Limited

Business Model

BlueStone Jewellery and Lifestyle Limited operates as an omnichannel jewellery retailer, offering diamond, gold, platinum, and studded jewellery through direct-to-consumer (DTC) and franchise-based models. The company focuses on:

• Omnichannel Strategy: Operates through online platforms and 203 stores across 86 cities.
  

• Franchise & Company-Owned Model: Utilizes FOFO (Franchise-Owned Franchise-Operated) and FOCO (Franchise-Owned Company-Operated) models for expansion.
  

• Revenue Streams: Generates revenue from product sales, franchise fees, and digital engagement.
  

Company Growth Trajectory

Total income increased by 40.39% from ₹1,303.49 crores in fiscal 2024 to ₹1,830.04 crores in fiscal 2025 on account of an increase in revenue from operations and other income.

Revenue from operations increased by 51.54% from ₹770.726 crores in fiscal 2023 to ₹1,770.00 crores in fiscal 2025 primarily on account of an increase in sale of products. This has been driven by their same store sales growth in existing stores, rising vintage of stores and higher inventory, as well as addition of new stores.

Other income increased from ₹37.65 crores in fiscal 2024 to ₹60.03 crores in fiscal 2025 primarily on account of an increase in (i) interest on fixed deposits; (ii) gain on mutual fund; (iii) fair value gain on call option; (iv) unwinding of interest on financial assets carried at amortised cost; and (v) increase in miscellaneous income.

Company Market Position

BlueStone Jewellery and Lifestyle Limited is the second largest digital-first omni-channel jewellery brand in India, in terms of revenues in fiscal 2024 (Source: RedSeer Report). Their market share among omni-channel players in the jewellery industry was 28%-32% in 2024 (Source: RedSeer Report).

They opened their first physical store in New Delhi in 2018, and have significantly expanded their retail presence since then. As of March 31, 2025, they had 275 stores across 117 cities in 26 states and union territories in India, including 200 company stores and 75 franchisee stores with an aggregate area of over 605,000 square feet.

As of 31st March, 2025, the company’s Total Income, Loss After Tax, and EBITDA were ₹ 1830.036 crores, ₹ (221.837) crores, and ₹73.164 crores, respectively.

How do you check the allotment status of BlueStone Jewellery and Lifestyle IPO?

1. Visit the Registrar's Website To check the IPO allotment status for BlueStone Jewellery and Lifestyle Limited IPO, visit the official website of KFin Technologies Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
• Choose 'BlueStone Jewellery and Lifestyle Limited' in the next dropdown
• Enter your application number
• Enter your PAN
• Click 'Search'

Your BlueStone Jewellery and Lifestyle Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check BlueStone Jewellery and Lifestyle Limited IPO allotment status.

Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
• PAN

Then click 'Submit'. Your BlueStone Jewellery and Lifestyle Limited IPO bid and allotment details will be displayed

How to Apply for BlueStone Jewellery and Lifestyle IPO?

Here are the steps to apply for BlueStone Jewellery and Lifestyle Ltd. IPO:

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.